Check out this cartoon. This guy got it right and this was the initial reaction to the 400 BILLION bailout of homeowners. That is until a mere few days later it was a must sign bill to save all. Ha! What is wrong with this picture? Note the poor taxpayer on the left with all the gluttons on the right. Ugh.
Excuse me! But those homeowners signed those papers. And if they didn't take the time to read what their obligations would be, then that is their problem. Live with it!
But oh. Now it's going to be ours, the taxpayers, problem. Come on now. Puleeze! Quite frankly I RESENT MY SOON TO BE INCREASED TAXES to go to this.
Are you kidding me? I am no spring chicken and have made many mistakes in my life and when I signed my life away I was responsible for my signature. And the ensuing credit report and all other repercussions related to that signature.
During the housing boom I was sitting back and thinking, are these people nuts? There were many, many people taking out 2nd's and 3rd's on their home to finance (I gotta have it NOW!) shopping sprees.
And dumb shit brokers encouraging interest only or ARM's when the interest rate was at historical lows. ARE YOU KIDDING ME???
There was no way I was using my home (MY HOME!) for a tanning bed or vacation. Absolutely not! And neither would I have gotten a trick loan when I could've gotten a fixed rate at 5% for the life of the loan. But oh, excuse me, I could've gotten it for 3% for 3 years and then take a chance on the interest rates being even lower (ha!) and paying those extreme closing costs (how did they get to be so high???) and have it made -- until the time was up. Or better yet -- an interest only loan and you'd never get away from owing the debt you signed for. Another gamble that homes would increase in value and you'd be able to pay the Realtor fees when you decided to move.
But they didn't increase. They dropped -- like a bomb!
And dear God, please help us. The GOVERNMENT is going to handle this. I can't wait to hear how much of the 400 billion actually went to these crappy mortgages and how much was used to 'manage' them.
And now the time is up. Our country is in bad financial shape. Our dollar is dropping. Oil is insanity AND inflation is rearing it's ugly head.
There had better be a lot of heads rolling -- all the way up the jailhouse steps over this crap!
I am pissed!